Originally Posted by
philemer
It's a well know fact on FT that CITI will send you a 1099 for checking account bonus cash. It's basically "ordinary income" and is taxable. I'll bet Chase will also send 1099's for checking acct. bonuses. But NO ONE sends a 1099 for miles or hotel bonus points, no matter how you use those miles or points. At least, I've never heard of this happening.
It has been reported that CitiBank does send 1099 for mileage bonuses from opening checking accounts. In fact, if it is true, it pretty much negates the value of the miles.